AEM: Data shows tariffs costing taxpayers billions

By |  September 11, 2019
Photo supplied by the Association of Equipment Manufacturers

Slater

New data shows American business paid a record $6.8 billion in July due to tariffs and that extra import tariffs have now cost U.S. taxpayers $30 billion.

The data, which the Association of Equipment Manufacturers (AEM) weighed in on, is courtesy of Tariffs Hurt the Heartland, a coalition AEM joined in 2018.

“These tariffs are increasingly hurting American workers and their families,” says Dennis Slater, president of AEM. “U.S. taxpayers have paid over $30 billion in extra import tariffs according to the new data released today, and that number will rise as the situation worsens.

“It shows again that these tariffs don’t work and are serving as a tax on American consumers,” Slater adds. “It’s time to end this trade war. Americans across the country, including our industry’s 1.3 million men and women, deserve better.”

According to AEM, the data shows that tariffs cost American business and consumers $6.8 billion in July, the highest monthly total in U.S. history. The $6.8 billion in overall tariffs paid is a 62 percent increase from July 2018, driven by $3.5 billion in new tariffs on goods imported from China.

July marked the first full month of data collected after tariffs on many of those products increased from 10 to 25 percent earlier this year. The data does not include recent and upcoming tariff increases on nearly $300 billion in additional imports, AEM says.

Kevin Yanik

About the Author:

Kevin Yanik is the editor-in-chief of Pit & Quarry magazine. Yanik can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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